Informes Sectoriales OP - Icex

TOURISM AND RELATED SERVICES IN BULGARIA
♦ Protection against Expropriation
The Bulgarian Constitution allows forcible expropriation of property in the name of
the state or for municipal needs only if effected by virtue of a law provided that these
needs cannot otherwise be met, and after a fair compensation has been ensured in
advance.
Expropriation under Bulgarian law is governed by the State Property Act and Municipal
Property Act.
3.1. GOVERNMENT POLICIES AND REGULATIONS FOR FOREIGN
INVESTMENTS IN TOURISM AND RELATING SERVICES
• Bulgaria in the process of joining the EU
Focused on joining the EU as scheduled on 1 January 2007, Bulgaria’s currently active
legislation, reflecting the Government policy, offers quite a large number of opportunities
for investments in the country.
According to the European Commission, Bulgaria is generally meeting the commitments
and requirements arising from the accession negotiations in the areas of capital
movements and payments and payment systems and is expected to be in a
position to implement this acquis from accession. Some legislative alignment is still
needed as regards the Social Insurance Code and in the area of cross-border payments
in Euro, financial collateral arrangements and concerning the requirement for
system operators to be established in Bulgaria. Minor adjustments are also needed
in the field of redress procedure for the settlement of disputes between banks and
customers.
In order to complete preparations for membership, Bulgaria must align with the revised
recommendations of the Financial Action Task Force on money laundering and
terrorist financing, and notably ensure that legislation in this area is fully and effectively
enforced and that proven cases of money laundering are prosecuted.
Bulgaria is also generally meeting the commitments and requirements arising from
the accession negotiations in the fields of company law and accounting, but some
adjustments are still needed. Upon accession, Bulgaria is expected to be in a position
to implement this acquis, as well as the Regulation replacing the Brussels Convention
and the provisions of the Rome Convention.
Regarding the competition policy Bulgaria is generally meeting the commitments
and requirements arising from the accession negotiations in the fields of anti-trust
and state aid, and is expected to be in a position to implement this acquis from accession.
In completing preparations for membership, particular attention must be
paid to fine-tuning and updating legislative alignment, continuing to strengthen administrative
capacity and, most importantly, continuing the development of a track
record of proper application and enforcement of both anti-trust and state-aid legislation.
Spanish Economic and Commercial Office of the Spanish Embassy in Sofia 26